Fed officials seem like they have ‘no idea’ what is going on with U.S. inflation, strategist says

Federal Reserve officials appear to have “no idea” what is happening when it comes to the inflation picture in the U.S., GAM's Julian Howard told CNBC.

His comments come as policymakers have in recent weeks been urging patience over interest rate cuts, arguing that inflation has fallen by less than previously expected and is still too sticky for the Fed to press ahead with easing monetary policy. "I think the data has been very mixed ... and it's going to take longer than I had previously thought," she said at a conference hosted by the Atlanta Federal Reserve. "We're in a period when patience really matters."But Fed officials have not come out with a clear message about their expectations or to address why inflation remains elevated, GAM's Howard said.

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